Nets CEO to step down amid ownership change: Reports

With the Brooklyn Nets set to change owners, one of the team’s highest-ranking executives will also step down, multiple outlets reported Friday.

Brett Yormark, chief executive officer of Nets parent company BSE Global, will announce Friday morning he is resigning, Bloomberg’s Scott Soshnick reported. Yormark has been in that position since leaving NASCAR in 2005, and was instrumental in the team’s moving from New Jersey to Brooklyn in 2012.

He has spent the years since leading all aspects of both the team and the Barclays Center.

But Chinese billionaire Joe Tsai, a top executive with retail giant Alibaba who currently owns 49% of the Nets, is reportedly set to purchase the remaining 51% of the club (and eventually Barclays Center) from majority owner Mikhail Prokhorov.

According to Soshnick, a town-hall meeting has been scheduled at BSE for Friday, where Yormark is expected to make his announcement.

Since Yormark’s arrival, the Nets have gone from perhaps the NBA’s least-attractive franchise to one of its most glamorous. Prokhorov bought 80% of the team and 45% of the arena for $223 million in 2010. When Tsai made his deal for the original 49% in 2017, the club was reportedly valued at $2.3 billion.

On the court, the Nets added free agents Kyrie Irving and Kevin Durant this offseason, meaning Tsai will take over the team as it enters perhaps the most anticipated era in team history. Durant is expected to miss most or all of next season after suffering an Achilles injury in the playoffs.

While someone might eat a Beyond Meat burger for ethical reasons, it does little for that person's health. In fact, it might be more harmful than good

This Week's Flyers

Comments

Postmedia is pleased to bring you a new commenting experience. We are committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. We ask you to keep your comments relevant and respectful. Visit our community guidelines for more information.